Preheat the oven to 400°. In a saucepan, heat the olive oil. Add the onion, bell pepper, jalapeño, garlic and oregano. Season with salt and pepper and cook over high heat, stirring, until lightly browned, 5 minutes. Add the tomato sauce and water and simmer for 5 minutes, until slightly thickened.
Spoon the sauce into 4 individual, shallow baking dishes and arrange the tortilla chips around the sides. Crack 2 eggs into each dish and sprinkle with the cheese. Set the dishes on a baking sheet and bake for 15 to 20 minutes, until the egg whites are set and the yolks are still runny. Sprinkle with cilantro and serve right away.